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Prolonged weakness in domestic FMCG demand
View Risks →Gandhar Oil Refinery (India) Limited — Q3 FY26
Gandhar Oil Refinery reported Q3 FY26 consolidated revenue of ₹1,167 crore, up 16% YoY, driven by steady volumes and consistent demand.
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Gandhar Oil Refinery reported Q3 FY26 consolidated revenue of ₹1,167 crore, up 16% YoY, driven by steady volumes and consistent demand. EBITDA stood at ₹59 crore with margins around 5%, while PAT came in at ₹34 crore, up from ₹20 crore in Q3 FY25. The manufacturing gross margin spread contracted to ₹7,271 per kiloliter, a 12-quarter low, due to raw material price pressures and subdued FMCG demand. Management expects EBITDA margins to exceed 5-12% annually and gross margins to stabilize around ₹7.8-8 per liter. Exports contributed 45% of 9-month revenue, with Asia-Pacific and Africa driving growth. The company plans land acquisition for future expansion but provided no specific revenue guidance. A key risk is the prolonged weakness in domestic FMCG demand, which could delay margin recovery.
गंधार ऑयल रिफाइनरी ने तीसरी तिमाही में ₹1,167 करोड़ की कमाई की, जो पिछले साल से 16% ज़्यादा है। कंपनी का मुनाफा ₹34 करोड़ रहा, जो पिछली तिमाही के ₹20 करोड़ से बढ़ा है। हालांकि, कच्चे माल की बढ़ती कीमतों और कमज़ोर मांग के कारण कंपनी की कमाई पर दबाव है। प्रबंधन का कहना है कि आने वाले समय में मुनाफा 5-12% तक पहुंच सकता है। निर्यात से कंपनी को 45% कमाई होती है, खासकर एशिया और अफ्रीका से। कंपनी भविष्य में विस्तार की योजना बना रही है, लेकिन अभी कोई ठोस अनुमान नहीं दिया। मुख्य जोखिम यह है कि अगर घरेलू बाजार में मांग कमज़ोर रही, तो मुनाफा सुधारने में देरी हो सकती है।
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Manufacturing Gross Margin Spread
₹7,271 per kiloliter
-1,391 YoY
Gross margin spread contracted from ₹8,662 in Q3 FY25 to ₹7,271, a 12-quarter low.
Export Share of Revenue
45%
Stable YoY
Overseas sales contributed 45% of consolidated revenue for 9M FY26, driven by Asia-Pacific and Africa.
PHP Segment Revenue Mix
50%
Stable YoY
Personal Healthcare & Performance Oils (PHP) contributed 50% of 9M FY26 revenue, remaining the largest segment.
Capacity Utilization (Silvassa)
~70-72%
Stable QoQ
Silvassa plant utilization is around 70-72%, with full ramp-up expected in 2-2.5 years as customer accreditation progresses.
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Guidance and risk preview
Management expects EBITDA margins to exceed 5-12% annually, with gradual improvement from current levels.
The FMCG sector has been sluggish for 1.5-2 years, impacting PHP segment growth.
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